-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A10_GPS other cultural traits.log
  log type:  text
 opened on:  18 Feb 2026, 23:52:18

. 
. //PREPARE DATA
. use "Baseline CEO firm year sample.dta", clear

. * set globals
. global firm = "firmage firmage2"

. global ceo = "gender age age2 yrinco i.education"

. global gpsvars = "risktakinggps_sd patiencegps_sd posrecipgps_sd negrecipgps_sd altruismgps_sd"

. global sample = "year < 2012 & !nonUS"

. global cluster = "mainethcode"

. 
. //PREPARE TABLE
. foreach panel in "A" "B" {
  2.         * PANEL A: Using GPS-based CEO's inherited trust measure
.         if "`panel'" == "A" {
  3.                 cap drop TRUST
  4.                 gen TRUST = trustgps_sd
  5.                 global source = "GPS"
  6.         }
  7.         * PANEL B: Using baseline GSS-based CEO's inherited trust measure
.         if "`panel'" == "B" {
  8.                 cap drop TRUST
  9.                 gen TRUST = trust_sd
 10.                 global source = "GSS"
 11.         }
 12.         
.         eststo clear
 13.         eststo col1: /// no controls
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 14.                         estadd local FE         "X"
 15.                         estadd local controls   "X"
 16.                         distinct boardid if e(sample)
 17.                         eststo col1, add(nofirms r(ndistinct))
 18.         eststo col2: /// risk prefence
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} risktakinggps_sd ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 19.                         estadd local FE         "X"
 20.                         estadd local controls   "X"
 21.                         distinct boardid if e(sample)
 22.                         eststo col2, add(nofirms r(ndistinct))
 23.         eststo col3: /// patience
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} patiencegps_sd ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 24.                         estadd local FE         "X"
 25.                         estadd local controls   "X"
 26.                         distinct boardid if e(sample)
 27.                         eststo col3, add(nofirms r(ndistinct))
 28.         eststo col4: /// positive reciprocity
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} posrecipgps_sd ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 29.                         estadd local FE         "X"
 30.                         estadd local controls   "X"
 31.                         distinct boardid if e(sample)
 32.                         eststo col4, add(nofirms r(ndistinct))
 33.         eststo col5: /// negative reciprocity
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} negrecipgps_sd ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 34.                         estadd local FE         "X"
 35.                         estadd local controls   "X"
 36.                         distinct boardid if e(sample)
 37.                         eststo col5, add(nofirms r(ndistinct))
 38.         eststo col6: /// altruism
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} altruismgps_sd ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 39.                         estadd local FE         "X"
 40.                         estadd local controls   "X"
 41.                         distinct boardid if e(sample)
 42.                         eststo col6, add(nofirms r(ndistinct))
 43.         eststo col7: /// all GPS cultural trait controls        
>                 reghdfe ash_f1allpat TRUST ${firm} ${ceo} ${gpsvars} ///
>                 if ${sample}, a(boardid year) cluster(${cluster}) keepsin
 44.                         estadd local FE         "X"
 45.                         estadd local controls   "X"
 46.                         distinct boardid if e(sample)
 47.                         eststo col7, add(nofirms r(ndistinct))
 48.         
.         esttab /*using "Table A10_GPS other cultural traits_Panel `panel'.tex"*/, ///
>                 cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>                 nomtitle collabels(none) label varwidth(20) modelwidth(12) ///
>                 mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0 0) ///
>                         prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>                 keep(TRUST ${gpsvars}, relax) order(TRUST ${gpsvars}, relax) ///
>                 coeflab(TRUST "CEO's trust (${source})" ///
>                                 risktakinggps_sd "Risk preference" ///
>                                 patiencegps_sd "Patience" ///
>                                 posrecipgps_sd "Positive reciprocity" ///
>                                 negrecipgps_sd "Negative reciprocity" ///
>                                 altruismgps_sd  "Altruism") ///
>                 stats(FE controls N nofirms, fmt(%9.0fc %9.0fc) ///
>                         lab("Firm \& Year FEs" "Baseline controls" "Observations" "Firms"))
 49. }
(19,538 missing values generated)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  10,     37) =      16.90
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
       TRUST |   .0389275   .0151411     2.57   0.014     .0082488    .0696063
     firmage |  -.0114843   .0018448    -6.23   0.000    -.0152222   -.0077464
    firmage2 |   .0001165   .0000478     2.43   0.020     .0000195    .0002134
      gender |   -.014942   .0327556    -0.46   0.651    -.0813111    .0514271
         age |  -.0012096   .0102099    -0.12   0.906    -.0218968    .0194777
        age2 |  -4.33e-06   .0000837    -0.05   0.959    -.0001739    .0001653
      yrinco |   .0040323   .0005331     7.56   0.000     .0029521    .0051126
             |
   education |
          2  |   .0456218   .0484806     0.94   0.353    -.0526092    .1438528
          3  |   .0614949   .0344194     1.79   0.082    -.0082454    .1312351
          4  |   .0882536   .0410687     2.15   0.038     .0050406    .1714666
             |
       _cons |    1.10287   .3114155     3.54   0.001     .4718822    1.733858
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      14.70
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
           TRUST |    .046848   .0146739     3.19   0.003     .0171159    .0765802
         firmage |   -.011711   .0019672    -5.95   0.000     -.015697    -.007725
        firmage2 |   .0001164   .0000477     2.44   0.020     .0000197     .000213
          gender |  -.0141662   .0330224    -0.43   0.670     -.081076    .0527436
             age |  -.0011884   .0102338    -0.12   0.908     -.021924    .0195471
            age2 |  -4.50e-06   .0000839    -0.05   0.958    -.0001744    .0001654
          yrinco |   .0040206   .0005436     7.40   0.000     .0029193     .005122
                 |
       education |
              2  |   .0445985   .0484106     0.92   0.363    -.0534907    .1426878
              3  |    .061084   .0343682     1.78   0.084    -.0085526    .1307205
              4  |   .0876639   .0412789     2.12   0.040      .004025    .1713028
                 |
risktakinggps_sd |  -.0173297   .0184491    -0.94   0.354    -.0547112    .0200518
           _cons |   1.106648   .3100894     3.57   0.001     .4783474    1.734949
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      16.15
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0363468    .013492     2.69   0.011     .0090094    .0636843
       firmage |  -.0116172   .0018986    -6.12   0.000    -.0154641   -.0077704
      firmage2 |   .0001156   .0000477     2.42   0.020     .0000189    .0002123
        gender |  -.0150102   .0328048    -0.46   0.650    -.0814791    .0514588
           age |  -.0013943   .0103062    -0.14   0.893    -.0222767    .0194881
          age2 |  -3.25e-06   .0000844    -0.04   0.969    -.0001742    .0001677
        yrinco |   .0040487   .0005416     7.47   0.000     .0029512    .0051462
               |
     education |
            2  |   .0463845   .0486365     0.95   0.346    -.0521623    .1449313
            3  |    .061764   .0343384     1.80   0.080    -.0078121    .1313401
            4  |   .0896195   .0412641     2.17   0.036     .0060104    .1732287
               |
patiencegps_sd |   .0132646   .0142586     0.93   0.358    -.0156261    .0421553
         _cons |   1.095204   .3080241     3.56   0.001      .471088     1.71932
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      19.78
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0396416   .0150435     2.64   0.012     .0091606    .0701226
       firmage |  -.0114663   .0018392    -6.23   0.000    -.0151928   -.0077398
      firmage2 |   .0001164   .0000478     2.44   0.020     .0000196    .0002133
        gender |  -.0151686   .0328018    -0.46   0.646    -.0816313    .0512942
           age |  -.0012551   .0102642    -0.12   0.903    -.0220522    .0195421
          age2 |  -3.87e-06   .0000842    -0.05   0.964    -.0001745    .0001668
        yrinco |   .0040283   .0005288     7.62   0.000     .0029569    .0050996
               |
     education |
            2  |   .0460573   .0484224     0.95   0.348    -.0520558    .1441704
            3  |   .0613701   .0344927     1.78   0.083    -.0085187    .1312588
            4  |   .0887473   .0409121     2.17   0.037     .0058515    .1716431
               |
posrecipgps_sd |   -.009614   .0186653    -0.52   0.610    -.0474334    .0282054
         _cons |   1.105686   .3143586     3.52   0.001     .4687347    1.742637
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      17.78
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0027
Number of clusters (mainethcode) =         38     Root MSE        =     0.5425

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0454069   .0123196     3.69   0.001     .0204451    .0703687
       firmage |  -.0120862   .0018808    -6.43   0.000    -.0158971   -.0082753
      firmage2 |   .0001156   .0000475     2.43   0.020     .0000194    .0002119
        gender |  -.0136866   .0331799    -0.41   0.682    -.0809155    .0535424
           age |  -.0008175    .010232    -0.08   0.937    -.0215495    .0199144
          age2 |  -8.67e-06    .000084    -0.10   0.918    -.0001789    .0001616
        yrinco |   .0040485   .0005298     7.64   0.000      .002975    .0051219
               |
     education |
            2  |   .0434171   .0485198     0.89   0.377    -.0548934    .1417276
            3  |   .0593911   .0341828     1.74   0.091    -.0098698     .128652
            4  |   .0876342   .0412521     2.12   0.040     .0040496    .1712188
               |
negrecipgps_sd |  -.0239159   .0052562    -4.55   0.000     -.034566   -.0132658
         _cons |   1.104692   .3134315     3.52   0.001     .4696192    1.739764
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      16.74
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0405341   .0149277     2.72   0.010     .0102877    .0707805
       firmage |  -.0113368   .0017875    -6.34   0.000    -.0149587    -.007715
      firmage2 |   .0001157   .0000479     2.42   0.021     .0000187    .0002127
        gender |  -.0149482    .032837    -0.46   0.652    -.0814823    .0515859
           age |  -.0011246   .0102067    -0.11   0.913    -.0218054    .0195562
          age2 |  -5.16e-06   .0000837    -0.06   0.951    -.0001747    .0001643
        yrinco |    .004028   .0005356     7.52   0.000     .0029427    .0051132
               |
     education |
            2  |   .0456915   .0485724     0.94   0.353    -.0527255    .1441086
            3  |    .061206   .0343654     1.78   0.083    -.0084249     .130837
            4  |   .0881112   .0411696     2.14   0.039     .0046936    .1715288
               |
altruismgps_sd |  -.0070111   .0123179    -0.57   0.573    -.0319695    .0179473
         _cons |   1.098375   .3112455     3.53   0.001     .4677313    1.729018
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  15,     37) =      34.73
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0027
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
           TRUST |   .0439008   .0116832     3.76   0.001     .0202284    .0675731
         firmage |  -.0125681   .0021866    -5.75   0.000    -.0169986   -.0081377
        firmage2 |   .0001176   .0000473     2.49   0.018     .0000217    .0002134
          gender |  -.0136795   .0335453    -0.41   0.686    -.0816487    .0542897
             age |  -.0009412   .0104698    -0.09   0.929    -.0221551    .0202726
            age2 |  -7.38e-06   .0000858    -0.09   0.932    -.0001812    .0001665
          yrinco |   .0040556   .0005383     7.53   0.000      .002965    .0051462
                 |
       education |
              2  |   .0430679   .0483213     0.89   0.379    -.0548404    .1409763
              3  |   .0593466   .0343453     1.73   0.092    -.0102436    .1289369
              4  |   .0881669   .0418034     2.11   0.042      .003465    .1728687
                 |
risktakinggps_sd |   .0018286   .0237674     0.08   0.939    -.0463287     .049986
  patiencegps_sd |  -.0040206   .0210707    -0.19   0.850    -.0467139    .0386726
  posrecipgps_sd |  -.0132701   .0253934    -0.52   0.604    -.0647221    .0381819
  negrecipgps_sd |   -.030854   .0125867    -2.45   0.019    -.0563572   -.0053508
  altruismgps_sd |   .0188437   .0201855     0.93   0.357    -.0220561    .0597434
           _cons |   1.123114   .3146324     3.57   0.001     .4856082     1.76062
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)

------------------------------------------------------------------------------------------------------------------------------------
                     \multicolumn{7}{c}{arsinh(Future patent applications)}                                                         
                              (1)             (2)             (3)             (4)             (5)             (6)             (7)   
------------------------------------------------------------------------------------------------------------------------------------
CEO's trust (GPS)           0.039**         0.047***        0.036**         0.040**         0.045***        0.041**         0.044***
                          (0.015)         (0.015)         (0.013)         (0.015)         (0.012)         (0.015)         (0.012)   
Risk preference                            -0.017                                                                           0.002   
                                          (0.018)                                                                         (0.024)   
Patience                                                    0.013                                                          -0.004   
                                                          (0.014)                                                         (0.021)   
Positive reciprocity                                                       -0.010                                          -0.013   
                                                                          (0.019)                                         (0.025)   
Negative reciprocity                                                                       -0.024***                       -0.031** 
                                                                                          (0.005)                         (0.013)   
Altruism                                                                                                   -0.007           0.019   
                                                                                                          (0.012)         (0.020)   
------------------------------------------------------------------------------------------------------------------------------------
Firm \& Year FEs                X               X               X               X               X               X               X   
Baseline controls               X               X               X               X               X               X               X   
Observations               29,384          29,384          29,384          29,384          29,384          29,384          29,384   
Firms                       3,598           3,598           3,598           3,598           3,598           3,598           3,598   
------------------------------------------------------------------------------------------------------------------------------------
(10,042 missing values generated)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  10,     37) =      20.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
       TRUST |   .0618858   .0168605     3.67   0.001     .0277232    .0960484
     firmage |  -.0109686   .0019023    -5.77   0.000    -.0148231   -.0071142
    firmage2 |   .0001159   .0000492     2.35   0.024     .0000162    .0002157
      gender |  -.0118746    .033103    -0.36   0.722    -.0789476    .0551983
         age |  -.0012187   .0103035    -0.12   0.906    -.0220956    .0196582
        age2 |  -6.07e-06   .0000846    -0.07   0.943    -.0001776    .0001654
      yrinco |   .0040659   .0005505     7.39   0.000     .0029505    .0051814
             |
   education |
          2  |   .0426374   .0480788     0.89   0.381    -.0547795    .1400544
          3  |   .0592057      .0333     1.78   0.084    -.0082666     .126678
          4  |   .0837448   .0411572     2.03   0.049     .0003525    .1671372
             |
       _cons |   .8168338   .2952368     2.77   0.009     .2186271     1.41504
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      20.86
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
           TRUST |   .0569161   .0172346     3.30   0.002     .0219956    .0918366
         firmage |  -.0109348   .0019366    -5.65   0.000    -.0148586   -.0070109
        firmage2 |   .0001158   .0000491     2.36   0.024     .0000163    .0002153
          gender |  -.0131239   .0338395    -0.39   0.700    -.0816892    .0554415
             age |  -.0012488   .0102939    -0.12   0.904    -.0221061    .0196085
            age2 |  -5.66e-06   .0000846    -0.07   0.947    -.0001771    .0001658
          yrinco |   .0040776   .0005487     7.43   0.000     .0029658    .0051893
                 |
       education |
              2  |   .0439225   .0473657     0.93   0.360    -.0520494    .1398944
              3  |   .0599608   .0330781     1.81   0.078    -.0070618    .1269834
              4  |   .0850384    .040415     2.10   0.042     .0031497     .166927
                 |
risktakinggps_sd |   .0135799   .0178134     0.76   0.451    -.0225135    .0496734
           _cons |   .8368106   .3116105     2.69   0.011     .2054278    1.468193
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      26.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |    .062519   .0214486     2.91   0.006     .0190599     .105978
       firmage |  -.0109644   .0019068    -5.75   0.000    -.0148279   -.0071008
      firmage2 |    .000116    .000049     2.37   0.023     .0000167    .0002153
        gender |   -.011872   .0331505    -0.36   0.722    -.0790412    .0552972
           age |  -.0012096   .0103942    -0.12   0.908    -.0222703    .0198511
          age2 |  -6.14e-06   .0000853    -0.07   0.943    -.0001789    .0001666
        yrinco |   .0040658   .0005533     7.35   0.000     .0029448    .0051868
               |
     education |
            2  |   .0425843   .0480759     0.89   0.381    -.0548268    .1399953
            3  |   .0591878   .0332716     1.78   0.083    -.0082269    .1266024
            4  |   .0836609   .0415081     2.02   0.051    -.0004425    .1677642
               |
patiencegps_sd |  -.0007428   .0192822    -0.04   0.969    -.0398122    .0383265
         _cons |   .8143339   .3266737     2.49   0.017       .15243    1.476238
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      19.81
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0618976   .0166449     3.72   0.001     .0281718    .0956235
       firmage |  -.0109694   .0019219    -5.71   0.000    -.0148636   -.0070752
      firmage2 |   .0001159   .0000492     2.35   0.024     .0000162    .0002157
        gender |   -.011873   .0331115    -0.36   0.722    -.0789632    .0552173
           age |  -.0012181   .0103267    -0.12   0.907     -.022142    .0197058
          age2 |  -6.08e-06   .0000849    -0.07   0.943    -.0001781    .0001659
        yrinco |    .004066    .000549     7.41   0.000     .0029536    .0051785
               |
     education |
            2  |   .0426317   .0478904     0.89   0.379    -.0544035    .1396669
            3  |   .0592087   .0333732     1.77   0.084    -.0084119    .1268292
            4  |   .0837392   .0409966     2.04   0.048     .0006722    .1668063
               |
posrecipgps_sd |   .0001461    .013552     0.01   0.991     -.027313    .0276051
         _cons |    .816736   .2989713     2.73   0.010     .2109626    1.422509
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      24.91
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0594816    .018718     3.18   0.003     .0215553     .097408
       firmage |  -.0109769   .0019034    -5.77   0.000    -.0148335   -.0071202
      firmage2 |    .000116   .0000493     2.35   0.024     .0000161    .0002159
        gender |  -.0115924   .0329073    -0.35   0.727    -.0782688    .0550841
           age |  -.0011693   .0103421    -0.11   0.911    -.0221244    .0197858
          age2 |  -6.53e-06    .000085    -0.08   0.939    -.0001787    .0001657
        yrinco |   .0040627   .0005463     7.44   0.000     .0029558    .0051695
               |
     education |
            2  |   .0423635   .0480482     0.88   0.384    -.0549915    .1397185
            3  |   .0589108   .0332426     1.77   0.085    -.0084451    .1262668
            4  |   .0835297   .0411458     2.03   0.050     .0001603    .1668991
               |
negrecipgps_sd |  -.0023794   .0070329    -0.34   0.737    -.0166294    .0118707
         _cons |   .8281496   .2917895     2.84   0.007     .2369279    1.419371
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      13.70
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
         TRUST |   .0703898    .018192     3.87   0.000     .0335293    .1072502
       firmage |  -.0115484   .0019731    -5.85   0.000    -.0155463   -.0075505
      firmage2 |   .0001169   .0000491     2.38   0.022     .0000175    .0002164
        gender |  -.0126092   .0329957    -0.38   0.705     -.079465    .0542465
           age |  -.0014623   .0102589    -0.14   0.887    -.0222489    .0193243
          age2 |  -3.95e-06   .0000841    -0.05   0.963    -.0001744    .0001665
        yrinco |   .0040961   .0005604     7.31   0.000     .0029607    .0052315
               |
     education |
            2  |   .0427851   .0478741     0.89   0.377    -.0542171    .1397874
            3  |     .06031   .0332222     1.82   0.078    -.0070046    .1276247
            4  |   .0848519   .0410899     2.07   0.046     .0015958    .1681079
               |
altruismgps_sd |   .0165071    .011271     1.46   0.151    -.0063301    .0393443
         _cons |   .7880166   .2932324     2.69   0.011     .1938713    1.382162
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  15,     37) =      20.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0025
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
           TRUST |   .0589789   .0270378     2.18   0.036      .004195    .1137628
         firmage |  -.0120471   .0021693    -5.55   0.000    -.0164426   -.0076516
        firmage2 |   .0001195   .0000483     2.48   0.018     .0000218    .0002173
          gender |   -.013403   .0337449    -0.40   0.694    -.0817767    .0549708
             age |   -.001239   .0104538    -0.12   0.906    -.0224203    .0199424
            age2 |  -5.44e-06   .0000858    -0.06   0.950    -.0001792    .0001683
          yrinco |   .0041034   .0005408     7.59   0.000     .0030077    .0051991
                 |
       education |
              2  |   .0426093    .047297     0.90   0.373    -.0532236    .1384422
              3  |   .0593545   .0333812     1.78   0.084    -.0082823    .1269913
              4  |   .0857529   .0409705     2.09   0.043     .0027387    .1687671
                 |
risktakinggps_sd |   .0266522    .024082     1.11   0.276    -.0221426    .0754469
  patiencegps_sd |  -.0159975   .0204332    -0.78   0.439     -.057399     .025404
  posrecipgps_sd |  -.0245655   .0253978    -0.97   0.340    -.0760263    .0268953
  negrecipgps_sd |  -.0234382   .0133122    -1.76   0.087    -.0504112    .0035348
  altruismgps_sd |   .0366627   .0214029     1.71   0.095    -.0067036     .080029
           _cons |   .8661133   .3419391     2.53   0.016     .1732789    1.558948
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
                 e(FE) : "X"

added macro:
           e(controls) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598
(e(nofirms) = 3598 added)

------------------------------------------------------------------------------------------------------------------------------------
                     \multicolumn{7}{c}{arsinh(Future patent applications)}                                                         
                              (1)             (2)             (3)             (4)             (5)             (6)             (7)   
------------------------------------------------------------------------------------------------------------------------------------
CEO's trust (GSS)           0.062***        0.057***        0.063***        0.062***        0.059***        0.070***        0.059** 
                          (0.017)         (0.017)         (0.021)         (0.017)         (0.019)         (0.018)         (0.027)   
Risk preference                             0.014                                                                           0.027   
                                          (0.018)                                                                         (0.024)   
Patience                                                   -0.001                                                          -0.016   
                                                          (0.019)                                                         (0.020)   
Positive reciprocity                                                        0.000                                          -0.025   
                                                                          (0.014)                                         (0.025)   
Negative reciprocity                                                                       -0.002                          -0.023*  
                                                                                          (0.007)                         (0.013)   
Altruism                                                                                                    0.017           0.037*  
                                                                                                          (0.011)         (0.021)   
------------------------------------------------------------------------------------------------------------------------------------
Firm \& Year FEs                X               X               X               X               X               X               X   
Baseline controls               X               X               X               X               X               X               X   
Observations               29,384          29,384          29,384          29,384          29,384          29,384          29,384   
Firms                       3,598           3,598           3,598           3,598           3,598           3,598           3,598   
------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
